It was released on the frequently updated Team Fortress 2 Blog that the Scout update is about done and is only waiting for the art to be finished, check out more info below.

We’re just about done with the Scout pack, and our design and coding has already moved on to the next pack. The weapons and achievements are all nailed down, and we just have to finish up the final artwork on them. We like to do the final art as late as possible to ensure that we don’t waste any work, which turned out to be a good decision this time around due to the large number of unlockables we tried out as alternatives to the Scattergun. Balancing his replacement weapon has been very tricky due to large threat difference of the Scout between skilled and non-skilled hands. More on that soon.

That said they are releasing some other things before they release the scout. Also note this is sadly for PC users. Sorry all Xbox Live players, Valve tends to get the PC people all the fun stuff first.